Jean Marc Eljwaidi, right, appears in court with attorney Steven Wolfson at the Regional Justice Center in Las Vegas on Jan. 21, 2010.
Thursday, Feb. 4, 2010 | 11:45 a.m.
Sun Archives
- Hearing delayed for man accused in real estate scheme (1-21-2010)
- After $338,306 payment missed, scam case goes to court (1-8-2010)
- Suspect to be arraigned in investment scam (6-18-2009)
- Lawsuits pile up in Las Vegas real estate investment scam (6-23-2009)
- Officials searching for man accused of senior exploitation (6-23-2009)
A man suspected of scamming elderly victims out of millions of dollars in a real estate development scheme appeared this morning in district court, where he entered a plea of not guilty to the charges against him.
Jamal Eljwaidi, also known as Jean Marc Eljwaidi, is charged with six counts of elder exploitation, a felony, for allegedly taking investors’ money for a real estate development and spending it on himself.
A trial date in the case was set for April 26.
Eljwaidi’s attorney, Steve Wolfson, said he hopes the case will be negotiated before that point.
“We are in the process of having monies available – just like we were two months ago – to offer to the victim in this case,” Wolfson said. The victim named in the criminal complaint is one of at least five alleged victims.
Previous negotiations in the case were that if the victim was repaid, the case would be dismissed, Wolfson said. On Jan. 8, Eljwaidi missed a payment of $338,306.59.
The case was bound over to district court to be set for trial after the missed payment.
“Mr. Eljwaidi was delayed in acquiring some funds but I have a good faith belief that the funds are becoming available very soon,” Wolfson said. “I’m hopeful that once we can offer the money to the victim and make him whole that the entire case will be dismissed.”
Wolfson stressed that Eljwaidi maintains his innocence in the case.
The scam Eljwaidi allegedly was involved with stemmed from short-term loans for a shopping center project on 9.23 acres near Russell Road and the 215 Beltway in the southwest Las Vegas Valley. The loans were made in exchange for high interest payments.
According to a criminal complaint, Eljwaidi is alleged to have scammed an elderly Las Vegas man who suffers from a diminished mental capacity out of $400,000 by promising to make the man an equal business partner.
Eljwaidi is accused of using up to $600,000, including the man's money, to live a lavish lifestyle while leaving the elderly man destitute.
Eljwaidi was arrested July 29 after returning from London and booked into the Clark County Detention Center. He has remained free on $200,000 bail.
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